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Best Balance Transfer Credit Cards of 2018

Jennifer Blocker

Updated on: 03/16/2018

If you are carrying a balance on a high interest credit card, consider making a balance transfer. You can use a new card to save money on interest and consolidate your debt. In addition, if you have good or excellent credit, you could be eligible for some of the best balance transfer credit cards, which also offer rewards and a sign-up bonus.

If you are carrying $5,000 of credit card debt across several cards at an average interest rate of 15 percent, you can easily save $750 in interest fees for the year with a new card. Top that off with a $150 sign-up bonus and boom, that’s $900 in your pocket for the year. And if you get a card with a longer promotional interest period, like 21 months, you could almost double your savings.

When you pay less interest, more money is going straight to the bottom line, which will help you pay off your debt faster. Don’t let your debt hold you back. Get ahead of it with a balance transfer to a new credit card.

8 Top Rated Balance Transfer Credit Cards

The best cards for balance transfers are good for more than just saving money on interest and consolidating debt. Many of those cards also offer rewards and sign-up bonuses. Rewards are great, but if you are paying interest, it can easily negate the value of your rewards.

Since the Credit Card Act of 2009, it is now possible to avoid interest on new purchases even if your card does not give you a promotional interest-free period. With this development, it is no longer necessary to use an additional card to avoid interest payments on new purchases.

Many of the top credit cards that offer an interest-free promotion on balance transfers allow you to earn rewards as well. They can be the best of both worlds.

0% introductory APR for 21 months from date of first transfer when transfers are completed within 4 months from date of account opening

Regular APR

14.24% to 24.24%
Variable±

Annual Fee

$0

Rewards Program

Citi® Diamond Preferred®

Bonuses & Rewards

3% of each foreign transaction in US dollars

%$5 or 5% balance transfer fee

Why should you get this card?

Saving on Balance Transfers: Transferring balances from credit cards or other debts
on which you are paying interest is a great way to save some money. However, the Citi Diamond Preferred card charges
a fee of $5 or 3 percent of the balance, whichever is greater, when you conduct a balance transfer. So you should be
sure the interest savings are greater than the balance transfer fee before you make this decision. In addition, balance
transfers must be completed within the first four months of account opening in order to qualify for the promotional 0% APR.

Saving on Purchases: The savings available on new purchases are arguably the best use
of the introductory 0% APR. This is because new purchases, unlike balance transfers, do not come up with an upfront fee.
Therefore, you can use this feature to completely avoid interest and fees as long as you pay off the entire balance
before the 21-month 0% APR period is over. You must make at least the minimum payment to maintain the promotional rate.

Our Expert's Conclusion

The primary benefit of the Citi Diamond Preferred card is the 21-month introductory 0% APR. This benefit is very useful for people
trying to get out of debt or for people anticipating a large purchase which they would like to pay off over time without incurring
interest charges.

If you are currently paying a high interest rate on another credit card and have a considerable balance, transferring that
balance to the Citi Diamond Preferred card could result in significant savings. If you are in debt, interest payments and late
fees can make paying off your credit card balance seem difficult because these fees offset any potential reduction in the principal.
However, making a balance transfer to a credit card with a 0% intro APR can be a successful strategy for reducing your debt.

Since the Citi Diamond Preferred card has a 21-month 0% APR period, you can essentially take your current balance and divide by
21 to determine how much you will have to pay each month in order to pay the debt off completely before interest charges begin.

%3% balance transfer fee on the amounts transferred within the first 9 months

Travel Benefits

Travel Upgrades and Savings:

With your access to the Luxury Hotels & Resorts program, you can enjoy complimentary room upgrades, early check in and late checkout, subject to availability.

Travel Protection:

Get reimbursed up to $1,500 per trip for non-refundable travel costs if your trip is canceled or ends early.

Wi-Fi:

Only A-List Preferred status members get inflight Wi-Fi at no charge.

Why should you get this card?

Great Earning Potential:
For every purchase you make you’ll earn 1.5% cash back. It doesn’t get any easier than that!

Hassle-Free Redemptions:
You can redeem your cashback at any time with no minimums! You’ll either get a statement credit or a check in the mail—whatever works for you.

Great Sign-Up Bonus:
This card comes with a sign-up bonus of
$150
after spending only $500
within the first 3 months.
After a few cell phone payments and trips to the grocery store, you’ll have a cool
$150 very quickly!

No Annual Fee:
No matter how you use your card, you won’t pay an annual fee. You don’t have to worry about paying a hefty annual fee and all the rewards are all yours.

Our Expert's Conclusion

Capital One’s Quicksilver card is a great card for earning cash back. If you want to simplify your wallet
and you value cash more than miles and points, this is the card for you. Since you can earn 1.5 percent
back on every single purchase you make and never pay an annual fee, you can earn some serious cash
on everyday purchases, big ticket items, all types of travel or whatever else you choose.

Again, since this card has no annual fee, there’s little downside to the Quicksilver credit card. Yet, it still
comes with the elevated MasterCard World Elite protections. As far as travel cards go, this is not a
premium card that helps earn status, free checked bags or lounge access, but if you’re an occasional
traveler or prefer to fly economy, this card is still a good bet. The cashback you earn can be used toward
travel or any other purchase you make. Flexibility makes this a great card.

Choose your payment date:

Free FICO credit score:

Why should you get this card?

Saving on Purchases:
With the 0% introductory APR, all purchases you make – whether big or small – won’t accrue any
interest charges during the promotional interest period. This is especially convenient if you
have an unexpected expense, or maybe your income is seasonal or varies from month to month.
As long as you make the minimum payment each month, your 0% introductory period will continue.

Saving on Balance Transfers:
The Simplicity card not only comes with a great intro APR for purchases, but it also extends
to any balance transfer you complete within the first four months of being approved. Once you
initiate your balance transfer, it can take Citi up to 14 days to complete the payment to your
other bank, but then that transferred balance will also have a 0% interest rate.

Our Expert's Conclusion

The Citi Simplicity card is consumer friendly, offering benefits not commonly found with other
credit cards. Once approved, all your purchases for the first 21 billing cycles will not accrue
any interest charges. Additionally, if you make a balance transfer within the first four months
of opening your account, that balance will also get up to 21 months of no interest. Both are
amazing offers!

How does this work? Your interest rate for those 21 months is set at 0% as opposed to a low or
standard credit card interest rate. Don’t get carried away, though, because you still have a
credit limit, and after those 21 months are up, you have to start paying interest on any remaining
balance.

0% Intro APR for the first 15 billing cycles that your Account is open

Intro APR on Balance Transfers

0% Intro APR for the first 15 billing cycles that your Account is open

Regular APR

16.24% to 24.99%
Variable±

Annual Fee

$0

Rewards Program

Ultimate Rewards®

Bonuses & Rewards

%5% cash back each quarter on up to $1,500 in combined purchases in that quarter's bonus categories

%1% on All Other Purchases

$150 bonus after you spend $500 in the first 3 months

$25 bonus after you add your first authorized user and make your first purchase within this same 3-month period

3% of each transaction in U.S. dollars

Featured Benefits

Foreign Transaction Fee:

Best to leave this one at home when you travel abroad. You’ll be a 3% fee on all
international transactions.

Why should you get this card?

Awesome Earning Potential:
You’ll get 5 points per dollar spent in rotating bonus categories. The categories, which
typically include everyday expenses like gas, dining out and groceries, change every quarter.

No Annual Fee:
With no annual fee, the Freedom card is easy to add to your arsenal of rewards cards.
It’s also great for building credit since you can keep it forever at no cost and increase the age of your credit.

Compliments Other Ultimate Rewards Cards:
It’s easy and free to transfer the points you earn with this card to other UR cards. And if you have a
premium UR card, like the Sapphire Preferred, you’ll get even more value out of your points.

Our Expert's Conclusion

The short answer is yes! With no annual fee and impressive earning potential, this card is
really a no-brainer. Even if you don’t have a premium Ultimate Rewards card, the Chase Freedom
is still an excellent cashback card.

The only drawback is that it takes a little bit of work to get the most out of this card.
You have to register every quarter for the bonus categories, and you have to remember what
they are when you’re making purchases. You don’t want to use this card for all of your spending
because it earns only one point per dollar in non-bonus categories.

0% promotional APR for six billing cycles from the transaction date on all "Qualifying Diamond Resorts International® Vacation Ownership Purchases"

Intro APR on Balance Transfers

0% introductory APR for the first fifteen billing cycles following each balance transfer that posts to your account within 45 days of account opening

Regular APR

15.99% to 22.99%
Variable±

Annual Fee

$0

Rewards Program

Diamond Resorts International® Rewards

Bonuses & Rewards

2xPoints on Diamond Resorts Purchases

1xPoints on Dining

1xPoints on Gas

1xPoints on All Other Purchases

2,500 bonus Diamond Plus Points™ after your first purchase

500 Diamond Plus Points™ for every $2,000 in spend (excluding down payments)

3% of each foreign transaction in U.S. dollars

%$5 or 3% balance transfer fee

Featured Benefits

Conciarge Service:

Get personal assistance via telephone, including recommendations and reservations for dining,
hotels, travel, entertainment and more

Foreign Transaction Fee:

You’ll pay a 3 percent for each transaction made abroad.

Why should you get this card?

No Annual Fee:
You’ll never have to pay anything for this card. That means all the rewards you earn are essentially free.

Simple Redemptions:
As long as you redeem your points for travel through the Diamond Resorts International Travel
Portal, you’ll receive a full one cent per point in value. It’s not necessary to worry about how
to maximize your points.

Sign-Up Bonus:
While it’s not a large sign-up bonus, you can earn 2,500 points,
worth $19 , after making just one purchase on your card.

Our Expert's Conclusion

Overall, the Diamond Resorts International credit card isn’t a great choice for almost anybody.
While it does offer some benefits, there are other cards out there that offer more. No matter what
you spend your money on, how much you spend or how you like to use your points, there’s probably a
better option out there.

If you are a Diamond Resorts customer about to make a big down payment on a timeshare, you might
find value in this card’s 0% APR offer. However, that offer is only for six months, and there are
other cards available that offer 0% APR on new purchases for a year or more.

That said, since this card has no annual fee, there’s not much harm in getting it. You will earn
the $19 sign-up bonus after the first purchase and you don’t need to spend anything in order to
make it worth keeping the card long term.

0% intro APR for 18 months from date of first transfer, for transfers under this offer that post to your account by April 10, 2018

Regular APR

12.24% to 24.24%
Variable±

Annual Fee

$0

Rewards Program

Cashback Bonus®

Bonuses & Rewards

%5% in rotating categories each quarter like Gas, Dining, Amazon.com, Wholesale Clubs and more

%1% on Travel

%1% on Groceries

%1% on All Other Purchases

Up to 5% cash back offer

Discover automatically matches all the cash back you earn dollar for dollar at the end of your first year

No Foreign Transaction Fee

Travel Benefits

No Foreign Transaction Fee:

You’ll never pay extra fees to use this card while traveling abroad.

Why should you get this card?

0% APR:
You can save lots of cash by not paying interest on new purchases for six months and on
balance transfers for 18 months.

No Annual Fee:
Having enough time to pay off debt without having to pay a fee is a great perk of any rewards card.

Dollar-for-Dollar Match:
Earning generous rewards on a balance transfer card is rare, and you will earn double the
rewards at the end of your first membership year.

Simple Redemptions:
Rewards can be redeemed in any mount for statement credits and Amazon purchases. There
are no minimum requirements or caps.

Our Expert's Conclusion

The Discover it Cash card with the 18-month balance transfer offer is a solid choice
for consumers who are paying high interest on existing debt with another card. Although
I typically do not recommend applying for new cards while carrying debt, this card is
a great option to get your finances back on track.

In addition to a generous introductory 0% APR period, the card also offers generous rewards,
which is rare for no-fee cards with balance transfer offers. You will earn 5 percent cash
back in rotating bonus categories, like gas stations and grocery stores, and 1 percent
back on everything else. Plus, you’re rewards will be doubled at the end of the first year.
Pay down your balance and watch the rewards add up!

Travel Benefits

Citi Concierge:

Save time when searching for travel, dining options, entertainment tickets or shopping ideas by enlisting help of the Citi Concierge service.

Reduced Mileage Awards:

Save between 1,000 and 5,000 miles when booking one-way and round-trip flights on select routes.

In Flight Savings:

Receive a 25% discount for in-flight food and beverage purchases when you use your AAdvantage card on American Airlines flights.

Why should you get this card?

Sign-Up Bonus:
The card has a 25,000 -mile bonus.
That’s enough to book one round-trip flight within the U.S. or to the Caribbean.

Low Spending Requirement:
Speaking of, the minimum spending requirement for the sign-up bonus is only $750,
which is low for an airline card.

Reduced Mileage Awards:
Cardholders can save anywhere between 1,000 and 5,000 miles per ticket when they redeem
for flights to select destinations that vary month to month.

Low Annual Fee:
Most airline cards charge $95 to be a card member, but this card charges just $50.
And the fee is waived for the first year.

Our Expert's Conclusion

If you occasionally fly on American Airlines and are looking for an entry-level airline card
with a low annual fee, then the Citi / AAdvantage Gold World Elite MasterCard might be for you. However,
keep in mind that the card does not offer all of the benefits you might expect from a co-branded airline card, such as free bags, priority boarding or waived foreign transaction fees.

Aside from the sign-up bonus, the best benefit of this card is
access to Reduced Mileage Awards that let you save miles when booking saver-level flights to select
destinations. If you fly with AA at least two or three times per year and are OK with paying a higher annual
fee of $95, then the Citi / AAdvantage Platinum Select World Elite MasterCard might be better option
because it offers free checked bags, priority boarding and redemption rebates.

0% introductory APR for 18 months from date of first transfer when transfers are completed within 4 months from date of account opening

Regular APR

14.74% to 24.74%
Variable±

Annual Fee

$0

Rewards Program

Citi® Double Cash Reward Program

Bonuses & Rewards

%2% on Travel

%2% on Dining

%2% on Gas

%2% on All Other Purchases

3% of each foreign transaction in U.S. dollars

%$5 or 3% balance transfer fee

Travel Benefits

Companion Pass:

Rapid Rewards members can get Companion Pass when they fly 100 qualifying one-way flights or earn 110,000 qualifying points in a calendar year.

Lounge Access:

Southwest does not provide premium passengers with complimentary lounge access.

Free Checked Bag:

First and second checked bags (saves you up to $120 roundtrip) when you fly Southwest.

Why should you get this card?

No Annual Fee:
You’ll never have to pay anything for this card. That means all of the rewards you earn are pure bonus!

2% Cash Back on Everything:
You don’t need to keep track of specific categories that earn more or less cash back; everything earns 2%!

No Caps on Your Earning:
Some credit cards that offer higher cash back have a cap on how much you can earn, but not with the Citi Double Cash.

Late Fee Pass:
If you accidentally miss a payment, Citi has you covered and won’t charge you a late fee–but only once.

Our Expert's Conclusion

The Citi Double Cash mostly makes sense under two circumstances. The first is for someone who is
seeking simplicity. Since the Double Cash card doesn’t have rotating or any other type of bonus
categories to worry about, all you have to do is swipe, pay off your card and reap the benefits!

The second type of person that the Double Cash makes sense for is someone who has a few other
rewards cards that cover popular purchase categories, like groceries, gas and travel, but they’re looking
for a card for other purchases that otherwise would not earn a bonus. The Double Cash is a great option
for that!

Earn Cash Back TWICE with 1% on purchases and 1% as you pay for those purchases in full or over time.

No caps and no Category restrictions.

Credit card late fee pass.

Citi® Private Pass®.

Citi Price Rewind.

24 Hour fraud protection.

The Lost Wallet® Service.

Citi® Identity Theft Solutions.

EMV Chip Technology.

Trip Cancellation & Interruption Protection.

Worldwide Travel Accident Insurance.

Worldwide Car Rental Insurance.

Compare Balance Transfer Credit Cards

If you're carrying a big balance on your credit card, you should consider a 0% balance transfer card. You can avoid interest payments
for a year or more while you pay down debt. These cards are also good for big purchases since many give you interest-free time to
pay them off. We rank the cards here by interest rates and annual fees for comparison.

Three Things to Consider When Comparing Credit Cards for Balance Transfers

When making a balance transfer, it is important to consider some major factors. In order to get the most benefit and savings from a balance transfer, consider the payment terms, fees, rewards and the ongoing interest rate that your card will give you after the promotional period has lapsed.

Ongoing interest does not have to be a major factor, as I would recommend doing another balance transfer after the promotional period has expired if you are still going to carry a significant balance over an extended period of time. But if you have only a small balance that you plan to pay off within a couple of months, and your card has a decent interest rate, it may not be worth it to do another transfer.

Payment Terms

It’s important to consider a card’s repayment terms. Promotional transfer rates expire. They usually range from about 12 to 21 months. The longer the term you receive, the more money you will save on interest. However, if you have a small balance and know you can pay it off within a year, then you may not need a longer term. The best card for a balance transfer will depend on how good you are at developing and sticking to your monthly budget.

For instance, the City Simplicity card comes with a full 21 months of no interest for balance transfers. This is a very flexible card as it has no late fees and no penalty rate. So, if you know you have trouble sticking to a budget, or even worse, you have not developed a realistic budget yet, this may be a great option. This card even has a 0% APR on purchases. However, it doesn’t earn rewards.

If you know you will have your card paid off within a year or less, the Citi ThankYou Preferred may be a better option. It has only 12 interest-free months, but it earns rewards and it also has a 15,000-point sign-up bonus, which is like $150 cash in your pocket.

If you go for the card with the sign-up bonus but don’t pay off the balance in 12 months, you could end up paying another balance transfer fee or even worse, interest. Be realistic about your budget, make a plan and stick to it.

Transfer Fees

Although you won’t be charged interest, in most cases there will be a fee associated with your balance transfer. Fees usually range between 3 percent and 5 percent. If you were to transfer $5,000 dollar balance at 3 percent, it would cost $150 in fees.

Don’t let the fee scare you. If you’re paying a 15 percent interest rate on that balance, it would cost you $750 a year. Even with the fee, you’d save roughly $600 for the year. If you get a card that has a longer interest free promotional period, your savings will continue to increase.

In rare cases, you can get a card that doesn’t charge a balance transfer fee. The Chase Slate credit card, for instance, does not charge a balance transfer fee on debts that are transferred to the card within the first 60 days of being approved. After the 60 days, the fee is 5 percent. The interest-free period for balance transfers is 15 months.

The downside is that the Slate card does not earn rewards or have a sign-up bonus. The Chase Freedom, which also has a 15-month no interest balance transfer offer, comes with a $150 welcome bonus after spending $500 in the first three months.

Neither of these cards have an annual fee, so the best one for you really depends on the amount you are going to transfer. The Freedom card charges a 5 percent fee on balance transfers. If you are going to transfer more than $3,000, the balance transfer fee on the Freedom would cost more than the sign-up bonus. That may make the Slate a better option, especially if you are going to transfer more than $5,000, which would cost $250 to transfer to the Freedom versus nothing on the Slate. You may save more than you would get in rewards and bonuses combined by not having to pay the balance transfer fee.

However, the Freedom card does allow cardholders to earn 5 percent cash back on up to $1,500 in quarterly rotating categories. If you are a savvy rewards earner this can easily work in your benefit. In addition to the amount you are going to transfer, how you plan on using the card should be factored into your decision.

Some credit cards with promotional balance transfer offers have an annual fee and others do not. Sometimes an annual fee may be worth paying if it gives you an extended time period, like 21 months, or if it has a lower balance transfer fee. If you plan on using your balance transfer card for new purchases, you may also get a better reward rate or better benefits on a card with an annual fee. It all depends on your needs. Consider your options and see if the fee is worth it. However, most of the cards listed here do not have an annual fee.

Rewards

You will not earn rewards on the balance transfer itself. However, your new card may allow you to earn rewards. Amex Blue cash credit cards have a 3 percent balance transfer fee, which is on the lower end of the spectrum, and they allow cardholders to get a sign-up bonus, a one-time bonus and stellar rewards. With these cards, you can have your cake and eat it, too.

Depending on whether you apply for the Blue Cash Everyday or the Blue Cash Preferred, you will get a sign-up bonus of up to $150 by spending $1,000 within three months. Additionally, card members will have the chance to receive a one-time bonus of up to $200. This one-time bonus comes in the form of 10 percent back on restaurants, which is good for the first six months. This card also has great reward rates on gas and groceries.

If you have excellent credit, there is no doubt that the Blue Cash Preferred is the better option of the two. Not only does it give $50 more for the sign-up bonus, but you can also earn 6 percent back on groceries, compared to 3 percent on the Blue Cash Everyday. Both of these reward rates max out at the $6,000 mark. After that the reward rate is 1 percent. At the 6 percent rate, $100 on groceries a week would earn $300 for the year. The Preferred card also tops the Everyday card for gas stations, earning 3 percent back instead of 2.

However, it is not as common as it used to be to get a card with both zero interest on both balance transfers and new purchases. Therefore, you can be charged interest on new purchases. Paying interest will surely decrease the value of your rewards, so you may want to consider a different card for new purchases if you think you will not be able to clear out that debt within the grace period of 21 days after receiving the bill.

Six Tips for Getting the Most Out of Your Balance Transfers

There are some things you probably already know about balance transfers. However, there are most likely some things you hadn’t thought about. To get the most savings and benefit out of your new balance transfer credit card, consider the advice below. Being informed is the key to making knowledgeable decisions. And with your credit history being such a vital tool in building a successful life, it is important to get as much information as possible to make the right financial decisions.

Tip #1: Consolidate Your Debt

Consolidating debt makes it easier to pay off and it makes it less likely that you’ll miss a payment. Taking several high interest credit cards and transferring to one card with a zero interest can save you both money and time. When using this method, take into consideration that your credit score might take a hit if you have a credit utilization rate of over 30 percent. For example, if you have $3,000 in debt, you’ll want to transfer it to a card with a limit of at least $9,000 for your credit score to be optimal.

Tip #2: Transfer All Types of Debt

Balance transfers can help you with many kinds of debt. They are not just for transferring a balance from one credit card to another. You can pay many types of debts, including loans. Many cards even present you with checks that you can write to someone else or even yourself. To cash a balance transfer check, simply write it out to yourself and deposit it in your bank account. The entire amount of your credit line is usually not all available for a balance transfer, so find out how much you can transfer before writing any checks.

Tip #3: Make Payments

Always pay more than the minimum. This will help you eliminate your debt faster. Since the Credit Card act of 2009, issuers are now required to apply any amount paid in excess of the minimum payment to higher interest debt first. That means that if you are using your card to make new purchases, you can pay them off monthly by exceeding the minimum payment. That will help you avoid paying any interest at all. This is much better than the old days where issuers applied payments to the lower interest debt first, which allowed them to charge more interest and extend the time it would take to pay.

Never miss a payment. This could cause you to lose your promotional interest rate. A missed payment can land you back at square one. In that case, you can be charged between an average of 12 to 18 percent APR, or maybe even more. It can also affect your credit score. Your payment history has a high impact on your credit score. Your payment history helps determine about 30 percent of your overall score. You can recover from a missed payment, but it can affect your score for about seven years.

Tip #4: Don’t Settle for a Lesser Card

When you apply for a credit card, there may be instances where you won’t get the card you wanted. If your credit score isn’t quite as good as it could be, you may still be approved for the card, but it may not come with the terms you wanted. If you don’t get the terms or the limit you were seeking, don’t use it.

This is a common practice among store credit cards. They advertise a lot benefits, such as no interest and big rewards, but when you apply you may end up with a lesser card if your credit isn’t perfect. Instead of the top of the line card that you wanted, you may receive their lower level basic card that does not have the benefits you were originally seeking.

Even a pre-approved offer is no guarantee. You can still end up being denied for the card. Or you may get the card, but the terms may differ from what you were seeking. If this happens, you should call the credit card company and haggle with them. Call their reconsideration line. Find out why you were denied or given a lesser card.

Even if you have excellent credit, you can still be denied for a card due to bank-specific restrictions, such as the Chase 5/24 rule. If you have applied for more than five Chase cards in the past 24 months, it can result in denial. If the card is not what you wanted, don’t use it, but keep it open to keep your credit limits higher. Give it a little time and move onto another card.

Tip #5: Check the Credit Limit before Transferring Balances

I would advise waiting until you know what your credit limit will actually be on your new card before making any transfers. If you don’t get the full credit line, you won’t be able to effectively consolidate your debt. If you get a card with a $5,000 balance, but you need to transfer $4,500, that would put you at a 90 percent utilization rate. Even if your overall debt to credit ratio is good because you have other cards, the fact that the utilization rate on that one card is so high will not bode well for your credit score. So, in that case you may want to skip a transfer to that card and try for another card, or only transfer about $1,700 to that card.

Tip #6: Know Your Interest Rates

Most balance transfer credit cards will come with a promotional interest-free period. However, interest is still a consideration. You should know the interest rate on new purchases. Although it is possible to get interest-free periods on both balance transfers and purchases, the offers aren’t as common as they used to be.

However, since the Credit Card Act of 2009, you can avoid interest on new purchases by paying the amount you spent on the card that month in addition to the minimum monthly payment within 21 days of the issuance of the statement. This can allow you to avoid interest on new purchases, even if your new interest-free balance transfer card does not have a promotional interest rate on new purchases

You should also know what the ongoing interest rate will be. It will probably be the same as the interest rate on new purchases, but be sure and check back in when the promotional period expires. Paying the amount you spent on the card the previous month in addition to the minimum payment within 21 days of the statement date will allow you to make new purchases on your balance transfer credit card while still avoiding interest.

FAQs

Need more info? Check out our frequently asked questions.
If you have other questions, don't hesitate to leave a comment below.

To be eligible to for the best balance transfer offers, you will need at least good credit. That’s a credit score around 700. If you have a score of 760 or higher, you have excellent credit and will have a variety of cards to choose from.

With the best cards, you’ll get a lengthy promotional interest-free period of between 12 to 21 months. You should also expect a good reward rate, as well as a sign-up bonus. Also, don’t forget to factor in the balance transfer fee which will usually range between 3 to 5 percent.

A balance transfer is when you take the balance you have on one credit card and transfer it to another card. You can usually do this easily by phone or online. You may also be able to use a balance transfer check, which you can request if it didn’t come with your card.

A balance transfer is not debt repayment. It is more like shifting debt in order to save on interest fees and potentially consolidate your payments. A balance transfer will usually cost between 3 and 5 percent of the amount that you transfer, which will automatically be billed to your card.

Although credit card checks can be handy if you need to clear up debt with another person, or if you want to write the check to yourself, be aware of the timing. Don’t write and mail the check without giving yourself at least 10 business days for the check to get where it is going. If you give it to a person, be sure to let them know they should deposit it immediately. If it arrives or is cashed after a certain date, you may not get the promotional rate on the check.

If the transference of debt is from another lender or credit card, it is probably best to complete it by phone or online. Be sure to have any account numbers and payee information handy as you will need to provide this. A balance transfer can take up to two weeks to post, so continue to make any minimum payments due until you are sure the payment has posted.